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Only if I truly wasn't worried about succeeding, had an excellent plan and timeline, and enough money to reverse course if necessary. The mortgage isn't going

• sanderjd 10y ago
  I've always been curious about this. I don't have a mortgage yet, but people always refer to it as a hindrance. But what confuses me is that rent doesn't pay itself either. Why is a mortgage more of a hindrance than rent?
  • conductr 10y ago
    It's a saying, meaning the risk of homelessness is unbearable even if small. It works for rent too. However, I think losing your house is generally a seen as a huge public failure where some people can privately take loses that don't effect their living situation in stride
  • analognoise 10y ago
    It isn't really the mortgage, it's having a place that's yours for your family - if we were renting, it would be as paramount to pay the rent. The disadvantage of a mortgage is that you generally have a longer term investment, which makes you less mobile - although the truth is you have more assets and it's a liquidity problem (you'd have to sell your house to get anything out of it). The risk there is that you'd have to sell in a down market if something bad happens to your job (or you, if you're the breadwinner). There are other breaks you get - tax and otherwise. I never realized how rigged the system was until I bought a house. For example, if you're a homeowner, you get a massive break on car insurance. The interest is tax deductible on your mortgage. You learn a little about money, and pretty soon you're negotiating harder for better deals - you become the ultimate ballbuster. You...Are...Dad. YMMV.
  • ljw1001 10y ago
    Because your house is often a source of significant equity that you would lose if you can't make the payments.